Waystar Holding Corp (WAY)

Nasdaq Health Care Health Care Technology S&P SmallCap 600

$28.35

-0.53 (-1.84%)

Close of Nov 06, 2026 · end-of-day data

Source: Waystar Holding Corp's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 03, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2022	FY2023	FY2024	FY2025
Revenue	$704.87M	$791.01M	$943.55M	$1.10B
Cost of revenue	$214.89M	$249.77M	$315.73M	$348.16M
Gross profit	$489.98M	$541.24M	$627.82M	$751.12M
Research & development	$32.81M	$35.33M	$48.77M	$54.62M
Operating income	$89.45M	$142.08M	$123.72M	$249.31M
Pre-tax income	-$65.88M	-$63.83M	-$22.55M	$171.76M
Income tax	-$14.42M	-$12.50M	-$3.42M	$59.67M
Net income	-$51.45M	-$51.33M	-$19.12M	$112.09M
EBITDA	$272.62M	$318.55M	$310.36M	$389.85M
EPS (basic)	$-0.42	$-0.42	$-0.13	$0.63
EPS (diluted)	$-0.42	$-0.42	$-0.13	$0.61
Diluted shares	121.68M	121.68M	149.92M	184.78M
Gross margin	69.5%	68.4%	66.5%	68.3%
Operating margin	12.7%	18.0%	13.1%	22.7%
Net margin	-7.3%	-6.5%	-2.0%	10.2%

Balance sheet

fiscal years · USD

Fiscal year	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$64.56M	$35.58M	$182.13M	$61.35M
Short-term investments	—	—	$0	$24.88M
Receivables	—	$126.09M	$145.24M	$177.04M
Total current assets	—	$222.05M	$371.04M	$308.41M
Goodwill	$3.01B	$3.03B	$3.02B	$4.02B
Total assets	—	$4.58B	$4.58B	$5.79B
Total current liabilities	—	$123.49M	$145.63M	$218.06M
Short-term debt	—	$17.98M	$11.67M	$14.19M
Long-term debt	—	$2.20B	$1.22B	$1.46B
Total debt	—	$2.22B	$1.23B	$1.47B
Total liabilities	—	$2.53B	$1.50B	$1.91B
Shareholders' equity	$2.11B	$2.05B	$3.08B	$3.88B

Cash flow

fiscal years · USD

Fiscal year	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$102.63M	$51.46M	$169.77M	$309.67M
Capital expenditures	$17.43M	$21.52M	$27.27M	$26.48M
Free cash flow	$85.20M	$29.94M	$142.50M	$283.19M
Investing cash flow	-$17.43M	-$61.52M	-$27.27M	-$680.90M
Financing cash flow	-$67.06M	-$17.15M	$16.65M	$243.45M
Share buybacks	$2.45M	$688.00K	$844.00K	$0
Stock-based compensation	$8.00M	$8.85M	$54.44M	$42.07M
Depreciation & amortization	$183.17M	$176.47M	$186.63M	$140.55M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$206.69M	$224.79M	$234.54M	$240.11M	$244.10M	$256.44M	$270.65M	$268.65M	$303.54M	$313.87M	$319.67M	$325.62M
Cost of revenue	$67.19M	$75.19M	$80.45M	$80.55M	$79.54M	$83.34M	$87.04M	$85.14M	$92.64M	$97.03M	$97.69M	$99.20M
Gross profit	$139.51M	$149.60M	$154.09M	$159.57M	$164.56M	$173.09M	$183.61M	$183.51M	$210.90M	$216.84M	$221.99M	$226.42M
Research & development	$9.78M	$10.32M	$15.90M	$11.08M	$11.47M	$11.08M	$12.62M	$12.40M	$18.52M	$18.37M	$17.72M	$20.30M
Operating income	$37.69M	$35.19M	$8.24M	$27.15M	$53.14M	$65.21M	$64.85M	$60.23M	$59.02M	$80.47M	$76.04M	$61.27M
Interest expense	—	—	$50.54M	$18.46M	—	$18.90M	$18.25M	$17.52M	—	$20.65M	$19.65M	$19.30M
Pre-tax income	-$15.17M	-$21.99M	-$42.30M	$8.69M	$33.06M	$46.31M	$46.59M	$42.72M	$36.15M	$59.82M	$56.40M	$41.97M
Income tax	-$757.00K	-$6.06M	-$14.61M	$3.27M	$13.98M	$17.04M	$14.41M	$12.07M	$16.16M	$16.54M	$15.53M	$10.94M
Net income	-$14.41M	-$15.93M	-$27.68M	$5.41M	$19.08M	$29.27M	$32.18M	$30.65M	$19.99M	$43.28M	$40.87M	$31.02M
EBITDA	$82.38M	$79.36M	$52.52M	$87.33M	$91.14M	$98.59M	$98.27M	$93.53M	$99.46M	$121.92M	$117.51M	$102.73M
EPS (basic)	$-0.12	$-0.13	$-0.21	$0.03	$0.14	$0.17	$0.19	$0.18	$0.10	$0.23	$0.21	$0.16
EPS (diluted)	$-0.12	$-0.13	$-0.21	$0.03	$0.14	$0.16	$0.18	$0.17	$0.10	$0.22	$0.21	$0.16
Diluted shares	1.24K	121.68M	133.53M	176.18M	7.55M	180.69M	181.60M	181.24M	3.62M	195.16M	194.51M	195.91M
Gross margin	67.5%	66.6%	65.7%	66.5%	67.4%	67.5%	67.8%	68.3%	69.5%	69.1%	69.4%	69.5%
Operating margin	18.2%	15.7%	3.5%	11.3%	21.8%	25.4%	24.0%	22.4%	19.4%	25.6%	23.8%	18.8%
Net margin	-7.0%	-7.1%	-11.8%	2.3%	7.8%	11.4%	11.9%	11.4%	6.6%	13.8%	12.8%	9.5%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$35.58M	$57.34M	$68.38M	$127.12M	$182.13M	$224.00M	$290.30M	$421.06M	$61.35M	$34.34M	$12.64M	$30.82M
Short-term investments	—	—	—	—	$0	$24.42M	$50.49M	—	$24.88M	$124.59M	$178.95M	$246.07M
Receivables	$126.09M	—	$147.97M	$137.89M	$145.24M	$147.26M	$143.50M	$145.68M	$177.04M	$172.53M	$185.88M	$187.01M
Total current assets	$222.05M	—	$270.75M	$305.43M	$371.04M	$440.55M	$524.48M	$613.58M	$308.41M	$386.61M	$438.97M	$515.45M
Goodwill	$3.03B	—	$3.03B	$3.02B	$3.02B	$3.02B	$3.02B	$3.02B	$4.02B	$4.01B	$4.01B	$4.01B
Total assets	$4.58B	—	$4.57B	$4.54B	$4.58B	$4.62B	$4.68B	$4.75B	$5.79B	$5.84B	$5.87B	$5.92B
Total current liabilities	$123.49M	—	$125.87M	$133.11M	$145.63M	$141.30M	$152.84M	$157.65M	$218.06M	$219.96M	$237.72M	$245.17M
Short-term debt	$17.98M	—	$12.91M	$12.91M	$11.67M	$11.67M	$11.67M	$11.67M	$14.19M	$14.19M	$14.19M	$14.19M
Long-term debt	$2.20B	—	$1.33B	$1.22B	$1.22B	$1.22B	$1.22B	$1.21B	$1.46B	$1.46B	$1.45B	$1.45B
Total debt	$2.22B	—	$1.35B	$1.23B	$1.23B	$1.23B	$1.23B	$1.23B	$1.47B	$1.47B	$1.47B	$1.46B
Total liabilities	$2.53B	—	$1.62B	$1.49B	$1.50B	$1.49B	$1.50B	$1.52B	$1.91B	$1.90B	$1.88B	$1.89B
Shareholders' equity	$2.05B	$2.04B	$2.95B	$3.05B	$3.08B	$3.13B	$3.17B	$3.22B	$3.88B	$3.94B	$3.99B	$4.04B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$11.46M	$10.73M	$15.45M	$78.82M	$64.77M	$64.25M	$96.76M	$82.03M	$66.63M	$84.91M	$59.41M	$103.86M
Capital expenditures	$5.79M	$5.56M	$6.87M	$8.62M	$6.22M	$5.43M	$5.77M	$5.88M	$9.41M	$15.33M	$16.11M	$9.92M
Free cash flow	$5.67M	$5.17M	$8.58M	$70.20M	$58.55M	$58.82M	$90.99M	$76.15M	$57.22M	$69.59M	$43.30M	$93.94M
Investing cash flow	-$15.76M	-$5.56M	-$6.87M	-$8.62M	-$6.22M	-$29.86M	-$31.86M	$44.65M	-$663.83M	-$112.48M	-$69.60M	-$76.49M
Financing cash flow	-$3.12M	$20.21M	$1.07M	-$6.31M	$1.69M	$10.74M	-$3.15M	$7.21M	$228.65M	$13.46M	-$7.10M	-$17.80M
Share buybacks	$0	$225.00K	$619.00K	$0	$0	—	—	$0	$0	—	—	$20.75M
Stock-based compensation	$2.34M	$2.53M	$36.97M	$7.90M	$7.04M	$6.74M	$11.53M	$11.60M	$12.20M	$11.45M	$13.80M	$24.44M
Depreciation & amortization	$44.69M	$44.17M	$44.28M	$60.19M	$38.00M	$33.38M	$33.43M	$33.30M	$40.44M	$41.45M	$41.47M	$41.47M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.